Bitbns, one of the top cryptocurrency exchanges in India, was found altering the trade volumes of Bitcoin [BTC] and XRP by over 500%. According to a detailed research by Karthik Varma, a crypto enthusiast, Bitbns had inflated the trade volumes of Bitcoin and XRP by over 500% and 668% respectively.
The move could have been to ensure that the exchange platform remains on the global radar as CoinMarketCap does not list exchanges below a certain volume threshold.
Data collated by Varma shows the trade volume of XRP over a 24-hour interval as 62,365, and that of Bitcoin as 2.638 | Source: Dev.to
Data displayed on CoinMarketCap for the same 24-hours shows the trade volume of XRP as 3,75,410, almost 500% more than the actual volume, and that of Bitcoin as 20.266, almost 668% more than the actual traded volume | Source: Dev.to
After the end of the ‘boom’ last year, all exchange platforms saw a sharp drop in trade volumes, with the exception of a few coming on top. Bitbns had a good market and a relatively small but consistent trade volume. By the end of Q1 of 2018, it was observed that the trade volume of Bitbns was considerably higher than its closest competitions.
This led to allegations of malice against the platform, which later passed off as a bug in their system. Media outlets, including Coin Crunch India, reported about this.
Though the trade volumes stabilized temporarily, it later increased dramatically, raising further negative speculation against the firm. This was when Varma decided to undertake a research to check the facts.
After analyzing the trade history updating system of Bitbns website, Varma deployed a system to record the trade history of all Bitcoin and XRP transactions on the platform.